Section 2401.10  Authority

 

This Part is promulgated by the Director of Insurance under Section 401 of the Illinois Insurance Code which empowers the Director "...to make reasonable rules and regulations as may be necessary for making effective..." the insurance laws of this State.  It is the purpose of this Part to implement Sections 429, 478.1 and 530 of the Illinois Insurance Code and Section 7-501 of the Illinois Safety Responsibility Law (Ill. Rev. Stat. 1981, ch. 95½, par. 7-501).

 

Section 2401.20  Plan of Operation

 

The plans of operation governing the rates, rules and rating plans applicable to casualty and property coverages assigned pursuant to Section 7-501 of the Illinois Safety Responsibility Law and Sections 478.1 and 523 of the Illinois Insurance Code shall be those plans in effect on the effective date of this regulation.  The organization approved by the Director to administer the assignment of automobile liability, automobile physical damage and uninsured motorists coverage is the Illinois Automobile Insurance Plan.  The organization approved by the Director to administer the placement of basic property insurance is the Illinois Fair Plan Association.  These organizations are hereby designated by the Director of Insurance to implement rates, rules and rating plans under this regulation until further notice of the Director of Insurance.

 

Section 2401.30  Unfair Method of Competition

 

Insurers shall not be deemed guilty of an unfair method of competition if;

 

a)         such insurers agree to provide a method for the equitable apportionment among them of property and casualty insurance for applicants who are in good faith entitled to, but are unable to procure, such insurance through ordinary methods,

 

b)         such insurers agree with each other to adhere and bind themselves to rates, rules and regulated plans for insurance written for such applicants provided such rates, rules and rating plans have been filed prior to the proposed effective date and approved by the Director of Insurance prior to their use, and

 

c)         such insurers agree to an annual review of rates subject to approval by the Director of Insurance to their continued use.

 

Section 2401.40  Effective Date

 

This revised Rule is effective on October 1, 1972.